Committed: New Mexico Anchors Seed Fund of Funds

The New Mexico State Investment Council is planning to be the anchor investor for a roughly $20 million fund of funds that will back firms targeting early-stage and microcap businesses in the state.

The fund, New Mexico Catalyst Fund LP, is expected to launch by March as one of the few funds of funds focused on New Mexico startups. It will address fledgling companies’ funding needs by backing funds that support startups spawned from incubators and pushing technologies developed in universities to market.

Santa Fe, N.M.-based Sun Mountain Capital will manage the pool, targeting eight to ten commitments of $1.5 million to $2 million each. The fund of funds will also make co-investments.